#1Lindblad Expeditions LINDBLAD EXPEDITIONS GROWTH PLATFORM EXPANSION October 19, 2021#2Lindblad Expeditions Disclaimer This presentation (including any oral statements transmitted to the recipients of this presentation) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's current expectations about its future operating results, prospects and opportunities. The Company has tried to identify these forward looking statements by using words such as "expect," "anticipate," "potential," "estimate," "plan," "will," "would," "should," "believe" or similar expressions, but these words are not the exclusive means for identifying such statements. The Company cautions that a number of risks, uncertainties and other important factors could cause the Company's actual results, prospects and opportunities to differ materially from those expressed in, or implied by, the forward-looking statements. Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the coronavirus disease (COVID-19) pandemic: the extent, duration and severity of the spread of the COVID-19 pandemic and the extent, duration and severity of the economic consequences stemming from the COVID-19 crisis (including a potential significant economic contraction) as well as related risks such as governmental regulation (including those that preclude or strictly limit travel or recreation), changes in patterns of commerce or consumer activities and changes in consumer attitudes and the impact of any of the foregoing on our business; results of operations and liquidity; adverse developments or the absence of sustained improvement in general business, economic or political conditions or the global travel and recreation markets; a decline in consumer confidence or spending; weak capital and financial markets and/or the instability of financial institutions; increased levels of unemployment and/or declining wages or stagnant wage growth in the U.S. and globally; inability to afford down travel and recreation due to disrupted earnings; the potential negative impact of certain provisions of the Tax Cuts and Jobs Act of 2017; geopolitical and economic instability; economic stagnation or contraction in the U.S. economy, including the impact of recessions, slow economic growth, or a deterioration in other economic factors (including potential consumer, business or governmental defaults due to the COVID-19 crisis) that particularly impact the global travel and recreation and the business segments in which we operate whether broadly or by geography and price segments; risks related to our ability to comply with the leverage ratios under our credit facilities as a result of a material decline in our ability to generate EBITDA calculated on a Pro Forma Basis (as defined in the agreements governing those facilities) or otherwise; risks associated with our substantial indebtedness and interest obligations and restrictions contained in our debt agreements, including risks relating to our ability to generate sufficient cash flows to service our debt (in particular if the COVID-19 crisis continues for a prolonged period) and having to dedicate a significant portion of our cash flows from operations to service our debt and risks relating to our ability to refinance or repay our indebtedness or incur additional indebtedness. For a detailed discussion of factors that could affect the Company's future operating results, prospects and opportunities, please see the Company's filings with the SEC, including the disclosures under "Risk Factors" and "Cautionary Note Regarding Forward- Looking Statements," which are available at http://www.sec.gov or in the Investor Relations section of the Company's website at http://www.expeditions.com. You should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason. The Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the Appendix. By accepting this presentation, the recipient acknowledges and agrees (in addition to any obligations it may have under any confidentiality agreement) that (1) neither it nor its agents, representatives, directors, officers, affiliates or employees will copy, reproduce or distribute to others the information contained herein, in whole or in part, at any time without the prior written consent of the Company and (2) the Company and its affiliates, directors, officers, employees, partners, members, controlling persons, agents or advisors (collectively, the "Representatives") (a) does not make any express or implied representation or warranty as to the accuracy or completeness of the information contained herein or (b) shall have any liability to the recipient or its representatives relating to or arising from the information contained herein or any omissions from such information, or any other written or oral communication transmitted to any interested party in the course of its evaluation of the Company. The recipient should become familiar with this and other obligations to which the recipient is subject pursuant to any confidentiality agreement. This presentation is neither an offer to sell nor a solicitation of an offer to purchase securities of the Company. Such an offer or solicitation can only be made by way of a prospectus and otherwise in accordance with applicable securities laws. The recipient understands that this presentation may contain material non-public information and acknowledges the restrictions on trading in the Company's securities based upon such information. 2#3Lindblad Expeditions Lindblad: Expanding Growth Opportunities Lindblad is expanding its position as a leader in providing world-class expedition and adventure travel experiences through the acquisitions of Off the Beaten Path, DuVine Cycling + Adventure Co. and Classic Journeys Natural Habitat OFF The BEATEN PATH Lindblad Expeditions DUVINE CYCLING + ADVENTURE CO. ClassicNEYS JOURNEYS 3#4Lindblad Expeditions The Lindblad Platform Advantage Lindblad's unique position in the Adventure Tourism Market enables it to drive superior results for its brands Internal cross-selling and lead generation More guest data & insights Increased customer lifetime value Deeper relationships across all sales & distribution channels Opportunities for product expansion, new partnerships, co-marketing Hybrid and/or extended trips across product lines 4#5Lindblad Expeditions Adding Three New Growth Drivers Off the Beaten Path, DuVine Cycling + Adventure Co. and Classic Journeys will expand Lindblad's product offerings, providing more... Experiences Guests Wallet Share Revenue Profit#6Lindblad Expeditions Our Acquisition of Natural Habitat Has Proven Our Ability to Create Significant Shareholder Value Through M&A Track Record of Growing Complimentary Businesses Through the Lindblad Platform Revenue Growth +55% Adjusted EBITDA Growth +122% $80M $70M $60M $50M $40M $30M $45.7 2016* $49.7 2017 $63.4 2018 $70.7 *Reflects full-year revenue and adj. EBITDA. Acquisition by Lindblad in May 2016. 2019 $10M $9M $8M $7M $6M $5M $4M $3M $3.9 2016* $4.8 2017 $7.0 2018 $8.7 2019 Investment in infrastructure & marketing and strong cross-promotion has resulted in significant growth in guests, including a ~5x increase from Lindblad guests traveling with Natural Habitat 6#7Lindblad Expeditions Lindblad is Expanding its Reach in the Large, High-Growth Adventure Tourism Market 17.8% Projected Adventure Tourism CAGR 2021 through 2026 Global Cruise Market Size 2019 $45B < 1% 7 Global Adventure Tourism Market Size 2019 $683B Global Adventure Tourism Market Size 2026 (Projected) $1.8T Adventure Tourism: Top 5 Players Combined Global Market Share PLAS Sources: Market Watch 2020, Euromonitor's Travel & Tourism Global Economic Impact & Issues 2017 // 2019 Shaping the Future of Adventure and Cultural Travel Report (ATTA & IFC/World Bank Group) 7#8Lindblad Expeditions Ingredients of Adventure Tourism Unique Wellness Sustainability Experiential C Culture Active Educational Nature 32" Food & Wine Sources: North American Adventure Travelers: Seeking Personal Growth, New Destinations, and Immersive Culture (ATTA, East Carolina University, Outside magazine) 8#9Lindblad Expeditions Lindblad Audience Aligns with Adventure Travel Market We have significant room to grow in the 30-50 demographic, which accounts for nearly 40% of the adventure tourism market Lindblad's primary guest demographic (79% 50+ yrs old) accounts for half of the adventure travel market 28 Likely to be a Luxury Traveler Adventure Traveler Age Hiking & Camping 50+ 47% Our guests are highly interested in activities that align with the adventure travel market and the majority fall into the High Net Worth category ($1M+) Active Sports <30 16% >$1M 64% 30-50 38% <$500K 16% <$500K-$1M 20% Lindblad Guest Net Worth Adventure Traveler Age Adventure and Safari Small Group Journey Adventure travel is the largest premium travel category by far. Cruise-based expedition is the fastest-growing, and will double in size by 2026. Cruise Ship Expedition <30 16% 30-50 38% Special Events 50+ 47% Custom / Private 2019 2026 Premium Travel Segments Sources: World Bank 2015 Strengthening Tourism Competitiveness in the OECS countries // 2017 USAID Research Study comparing mass tourism with adventure tourism in Jordan // Market Watch 2020. Merkle M1 2019 9#10Lindblad Expeditions Expanding Our Experiences The addition of Off the Beaten Path, DuVine and Classic Journeys to Lindblad's brand portfolio broadens our addressable market, diversifies our product offerings for existing guests and will drive additional shareholder value Natural Habitat OFF The BEATEN PATH Lindblad Expeditions DUVINE CYCLING + ADVENTURE CO. JOURNEYS 10#11Lindblad Expeditions Complementary Brands / Guests Across Companies DUVINE OFF The BEATEN PATH CYCLING + ADVENTURE CO. Focus Area Attractive Target Demo High Repeat Guests Annual Guests Avg Daily Net Yields* Strong Track Record Strong Leadership Lindblad Expeditions Nature / Wildlife Cruise, Culture Affluent 55 - 70+ yrs (avg 60 yrs) ~40% 25,000+ $1,050+ Founded in 1979 Natural Habitat Nature / Wildlife Land-Based Expedition Affluent 55-70+ yrs (avg 60 yrs) ~40% 7,000+ $1,100+ Founded in 1985 Cycling Tours Culture & Culinary Affluent 50 - 65+ yrs (avg 55 yrs) ~40% 2,000+ $950+ Founded in 1996 Outdoor Adventure & National Parks Affluent 50- (avg 50 yrs) ~40% 2,500+ $650+ 70+ Founded in 1986 yrs ClastikNEYS JOURNEYS Walking Tours Culture & Culinary Affluent 50 - 75+ yrs (avg 55 yrs) ~33% 2,000+ $950+ Founded in 1995 Sven Lindblad (Founder) Ben Bressler (Founder) Andy Levine (Founder) Cory Lawrence (CEO Since 2005) *For Lindblad, represents Net Yield (tour revenue less commissions and direct costs of other tour revenues) divided by available guest nights. For other companies, represents average price per guest per night. Edward & Susie Piegza (Co-Founders) 11#12Lindblad Expeditions Why Classic Journeys 1. Strong, trusted, affluent brand that is complementary to Lindblad Growth of walking as an activity JOURNEYS Significant cross-selling opportunities throughout Lindblad platform Limited companies of scale in the walking tours space Opportunity to create hybrid itineraries with other owned brands (e.g. sail / walk, bike / walk) Experienced team led by Edward & Susie Piegza, with a retained ownership interest Small and private group trips are perfect for post-COVID travel recovery Strong presence in multi-generational travel 12#13Lindblad Expeditions Walking is the Most Basic and Accessible Form of Exercise Popularity and Growth Driven by Well Established Health Benefits and Demand for Social / Mental Wellness Caused by the Pandemic Percentage of people aged 15 and older who engaged in sports and exercise on an average day, by specific activity. Walking Weight lifting Using cardiovascular equipment Running Swimming, surfing, water skiing Basketball Golfing Cycling Yoga Aerobics Soccer Baseball, softball 0% 5% 10% 15% 20% U.S. Bureau of Labor Statistics 2017 Decennial Report on Sports and Exercise. 25% 30% 35% HARVARD Classisk NEYS JOURNEYS MEDICAL SCHOOL June 21, 2021 Step up your walking game - The life-extending benefits of a daily walk. September 28, 2021 yahoo.life Walking is the trendiest new form of exercise. Here's why. December 16, 2020 STRAVA A significant rise in walking. While running, cycling and indoor workouts saw a 1.5-2x rise in uploads, uploads of outdoor walks increased by 3x. Walking was also the top new activity for cyclists on the platform between April and June. Strava is the #1 fitness tracking app for runners and cyclists. In 2020, Strava had 73 million athletes with 1.1 billion activity uploads on the platform. 13#14Lindblad Expeditions Classic Journeys: Award Winning Cultural Walking Tours Classic Journeys' world-class luxury walking tours focus on engaging experiences that immerse guests into the history and culture of the places they are exploring and the people who live there. Classic's tours are highlighted by expert and well-connected local guides who live in the regions being explored, luxury boutique accommodations, and handcrafted itineraries curated through years of local connections and experience. WINNER TRAVEL+ LEISURE WORLD'S BEST AWARDS 2019 TRAVEL+ LEISURE WORLD'S BEST AWARDS 2014 WINNER Condé Nast READERS' CHOICE AWARDS 2020 TRAVELERS. 20 AFAR CHOICE 18 ClassiskNEYS JOURNEYS AWARDS 14#15Lindblad Expeditions What Makes Classic Journeys Extraordinary Full-Time Local Guides Expert local guides who are fluent in their native language and English, know the most cinematic footpaths in a region, share their lifelong connections with you, and are with you throughout each day of your tour. Small Groups With an average of 8 guests per departure and never more than 18, the company is a leader in the small group and micro-group format. Eat Like the Locals From gourmet picnics to Michelin-starred restaurants, share our appetite for native food traditions and fine dining. Access and Activities Known for providing unbeatable access to experiences around the globe. All activities in a program itinerary are included at no additional cost, providing additional value and experience to guests. LAW FEAR Accommodations Hand-selected luxury properties that reflect the style, history and architecture of a region. 'Choose Your Adventure' A unique concept in guided touring created to offer guests more than one included option on certain days of programs. It expands the profile of traveler to appeal to a broader range of interests and abilities on the same tour departure. JOURNEYS 15#16Lindblad Expeditions Ph Why DuVine Cycling + Adventure Co. S Strong, trusted, affluent brand that is complementary Ouvint 2. Explosion of cycling market 3. Significant cross-selling opportunities throughout Lindblad platform Limited companies of scale in the bike touring space Opportunity to create hybrid itineraries with other owned brands (e.g. sail / bike) 6. Experienced team led by Andy Levine, with a retained ownership interest 7. Small and private group trips are perfect for post-COVID travel recovery to Lindblad te OUVINE DUVINE CYCLING + ADVENTURE CO. 16#17Lindblad Expeditions Explosive Cycling Market Growth Fueled by Bicycle & E-Bike Sales and Spin Class Participation Momentum Health & Wellness Trends Bicycle Sharing Programs Cycling Based Workout Classes ☆ Bike-Friendly Urban Planning & Development PER E E-Bike Growth DUVINE CYCLING + ADVENTURE CO. Covid-19 Driven Demand Surge More Active / Older Population Sustainability Trends 17#18Lindblad Expeditions Strong Growth for Global Bicycle Sales U.S. Bicycle Sales Grew 62% in Jan - Oct 2020 2020 Global Bicycle Units Sold बैठे बैठ 36M 个 50% Growth Source: National bicycle dealers association, NPD Group 2030 ad D 53M DUVINE CYCLING ADVENTURE CO The New York Times Thinking of Buying a Bike? Get Ready for a Very Long Wait BBC May 18, 2020 A July 24, 2020 The Great Bicycle Boom of 2020 January 16, 2021 Outside The Pandemic Bike Boom Is Here to Stay 18#19Lindblad Expeditions Rapid Growth of E-Bike Market U.S. E-Bike market exploding, with +140% YoY growth in Jan-Oct 2020 The market has grown over 8x since 2014 Expands bike touring opportunity and accessibility to wider audience 3.3M 2015 5.6M 2020 5.8X 12.2M 2025 Global E-Bike Units Sold Source: National bicycle dealers association, NPD Group, Grand View Research 19.0M 2030 U.S. Market Size 2019 $24B ↑ DUVINE CYCLING ADVENTURE CO. Projected Market Size 2026 $47B 19#20Lindblad Expeditions Explosive Peloton / Spin Class Growth is Accelerating Popularity of Cycling Cycling-based workout growth is increasing demand for cycling experiences Source: Peloton investor materials 123 168 Connected Fitness Subscriptions 217 245 CAGR 107% Current Penetration: approximately 4% of SAM, represented by 577,000 Connected Fitness Products 276 362 457 511 92m 67m 52m 14 562 712 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 886 1,091 Peloton Demographic Households aged 18-70 and $50k+ total income Total Workouts CAGR 213% 5,902 6.223 7.069 Peloton TAM: Households open to a subscription fitness that could be interested in purchasing a product from Peloton either day or in the future 9,336 17,988 17,759 Peloton Interest: Households that express interest in learning more about at least one Peloton product without seeing price DUVINE CYCLING ADVENTURE CO. Peloton Connected Fitness Products SAM: Interest in Peloton Connected Fitness Products in current fitness verticals and price points 19,200 2,501 3,231 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 04 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 24,300 44,200 76,800 20#21Lindblad Expeditions DuVine: Award Winning Cycling Brand DuVine's world class luxury bike tours focus on exceptional food and wine experiences, thoughtfully designed itineraries, and top-quality gear and support TRAVEL+ LEISURE WORLD'S BEST AWARDS 2017 ++ DUVINE TRAVEL+ LEISURE WORLD'S BEST AWARDS 2018 25th TRAVEL+ LEISURE WORLD'S BEST AWARDS 2020 DUVINE UVIN ANNIVERSAR VIRTUOSO. PREFERRED TOUR OPERATOR DUVINE CYCLING + ADVENTURE CO. 21#22Lindblad Expeditions What Makes DuVine Extraordinary DUVIN Local Guides Guides are locals who speak the language, know the roads, and share their lifelong connections with you. BIKE/EAT/ D Small Groups Scheduled tours never exceed 14 guests (8 guests in 2020), so clients can experience everything intimately. Food + Wine Tours have a culinary-forward focus: tucked-away restaurants, cooking classes, Michelin-starred meals, and wine tastings. DUVIC More is Included The price of a DuVine tour includes more than any other luxury bike tour company. DUVINE CYCLING ADVENTURE CO. Acommodations Hand-selected luxurious hotels and boutique properties that set the tone for your travels, from a Turkish yacht to a farmhouse. epuouu Bikes + Gear DuVine is focused on offering the perfect cycling tour, top-quality bikes and industry-leading gear. 22#23Lindblad Expeditions Why Off the Beaten Path Strong, trusted affluent brand that is complementary to Lindblad 2. Long-term growth and popularity of U.S. National Parks, which has accelerated due to Covid 3. Unique access to U.S. National Park lodging and permit inventory 4. Significant cross-selling opportunities throughout Lindblad platform 5. Opportunity to create hybrid itineraries with other owned brands 6. Experienced team led by Cory Lawrence, with a retained ownership interest Small and private group trips are perfect for post-COVID travel recovery OFF The BEATEN PATH 23#24Lindblad Expeditions Off the Beaten Path Overview Off the Beaten Path offers active small-group and private custom journeys around the world, with a long-standing focus on U.S. National Parks and a well-earned reputation for delivering exceptional experiences that connect the heart of the traveler with the soul of the place Integrity Small Group Adventure M Magic Custom Journeys Ranch Vacations PA Passion Action Fly Fishing Expeditions OFF The BEATEN PATH COT Connection Truth 24#25Lindblad Expeditions Strong National Park Attendance Recreational Visits to US National Parks 2008 - 2019 经济农场 农行 分分分分 Source: National Parks Service 2008 275M 分分分分分分 肉肉肉肉肉价 有肉肉肉肉肉 2019 328M Yellowstone, Grand Teton, Zion National Parks all experienced record attendance Sep & Oct 2020 OFF The BEATEN PATH 25#26Lindblad Expeditions What Makes Off the Beaten Path Extraordinary It's Your Trip Small group journeys are small, flexible, and customizable. Ensure the one you choose is a great fit, hand-picked to suit your interests. Small Group Adventures Average of 8 to 10 travelers per trip for optimal guide to client ratio, dinner party size, flexibility, and comfort. In-Depth Knowledge Expert advice from advisors who know the best options, locations, cool new opportunities, and off the beaten path experiences. Sage Guides The region's best guides. Experienced, unflappable, fun, smart, intuitive and approachable - excellent company. Robust Travel Materials Reading and packing lists, background on destinations, plus our hallmark 50-150 page journey guidebook. OFF The BEATEN PATH 26#27Lindblad Expeditions On the Horizon Acquisitions of Classic Journeys, DuVine & Off the Beaten Path are the latest building blocks for Lindblad's robust growth strategy, which includes: Adding New Ship Capacity Organic Growth in Core Business 3. New Destinations & Experiences Additional Acquisition Opportunities 5. Expanding Digital Platform 6. Leveraging Expertise, Strong Balance Sheet & Infrastructure 7. Deeper CRM and More Sophisticated Marketing 8. Expanding Total Addressable Market 27#28Lindblad Expeditions Thank You